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Electricity Act 1989

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Transactions in pursuance of section 68(2)(c)

5(1)Sub-paragraph (2) below applies to any disposal (within the meaning of the Capital Gains Tax Act 1979) which is effected, and sub-paragraphs (3) and (4) below apply to any lease which is granted, in pursuance of a provision included in a transfer scheme by virtue of section 68(2)(c) of this Act.

(2)A disposal to which this sub-paragraph applies shall be taken for the purposes of the Capital Gains Tax Act 1979 to be effected for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the disponer.

(3)Subsection (6)(a) of section 37 of the [1978 c. 42.] Finance Act 1978 (capital allowances: long leases) shall not prevent the application of that section in any case where the lease is a lease to which this sub-paragraph applies.

(4)Where, in the case of any machinery or plant which is a fixture and on the provision of which for the put-poses of the transferor’s trade the transferor incurred capital expenditure, a lease of the relevant land (with or without other land) is a lease to which this sub-paragraph applies—

(a)the lessor shall not be required to bring the disposal value of the machinery or plant into account in accordance with section ~of the [1971 c. 68.] Finance Act 1971 (writing down allowances and balancing adjustments); and

(b)so far as relating to the bringing of disposal values into account, that section and Schedule 17 to the [1985 c. 54.] Finance Act 1985 (capital allowances for fixtures) shall have effect as if—

(i)the capital expenditure incurred by the transferor had been incurred by the lessee on the provision of the machinery ox plant wholly and exclusively for the purposes of the lessee’s trade; and

(ii)the machinery or plant had become a fixture, immediately after the grant of the lease.

(5)In sub-paragraph (4) above “the transferor” means the transferor under the transfer scheme in question and expressions which are used in Schedule 17 to the Finance Act 1985 have the same meaning as in that Schedule; and in construing that sub-paragraph the provisions of section 511(2) of the 1988 Act and the corresponding earlier enactments shall be disregarded.

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